By: Mark Stern, BA | Keith Myrick

June Market Update

Tags: June Market Update

June 2022,   Dear Friend,   No surprises as the Toronto Real Estate Board released the May sales numbers. 7,283 properties sold and GTA Realtors listed 18,679 homes for sale. The year-to-date average sale price stands at $1,274,869, up 16.4% since the end of 2021.   Without a doubt, the increase in the mortgage rates has impacted some buyers at a psychological level, where they have...Read More

May Market Update

By: Mark Stern, BA | Keith Myrick

May Market Update

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May 2022   Dear Friend,   The interest rate increases the Bank of Canada implemented in its goal of slowing inflation, had an immediate impact on the real estate market. Yes, it become more expensive to purchase a home, yes, it eliminated some buyers from being able to qualify for financing, but the greatest impact to the real estate market was psychological. Almost overnight it created ...Read More

By: Mark Stern, BA | Keith Myrick

April Market Update

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April 2022 As expected, the spring market kicked off with10,955 homes sold, the third-best March and second-best first quarter on record. The average price in March was $1,299,894, bringing the year-to-date average to $1,299,591, up 18.6 % over the 2021 year-end average of $1,095,381. As we wrote in January, “Don’t panic”! Prices will continue to increase in 2022, (about 1...Read More

March Market Update

By: Mark Stern, BA | Keith Myrick

March Market Update

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March 2022   Market Update   February ended with the Toronto Real Estate Board reporting the sale of 9,097 homes, the second-best February in the history of the Board. Entering February with a very low inventory of homes for sale meant that competition between buyers was strong and prices had nowhere to go but up. The average sale-price in February was$1,334,544 up from $1,242,760 in Jan...Read More

By: Mark Stern, BA | Keith Myrick

February Market Update

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Market Update February 2022   No news is good news! The GTA real estate market had its second-best ever January of sales with 5,636 sales reported through the Toronto Real Estate Board MLS system. The lack of new properties for sale pushed up the average January price to $1,242,793, but don’t panic or celebrate, it’s just the statistics for 1 month. I do expect prices will in...Read More

January Market Update

By: Mark Stern, BA | Keith Myrick

January Market Update

Tags: January Newsletter

Market Update January 2022   The Toronto real estate market set several records in 2021; 121,712 homes sold, the highest average selling price of $1,095,475, the most Realtors ever (almost 63,000), and the least number of homes listed on the market (3,232). As I predicted, 416 condominium prices rebounded in 2021 with a 16.8% price increase to an average of $730,792, an affordable n...Read More

By: Mark Stern, BA | Keith Myrick

Market Report December 2021

Tags: Market Report December 2021

December 2021,     With 9,017 sales reported, November 2021 became not only the most active November in the history of the Toronto Real Estate Board, but also set a record for the highest average price, $1,163,323, up 21.7% over November 2021. The average sale price year to date as of the end of November is $1,092,212, up 17.5 % since the start of the year.   As we have been pr...Read More

By: Mark Stern, BA | Keith Myrick

November Newsletter

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  November 2021   Dear Friend   Despite a record low inventory of homes available for sale in Toronto, the level of sales reached the second-highest level on record for the month of October. 9,783 homes sold in October, surprising many, not that the demand was so high, but that the demand was met to so great a degree. With the listing inventory remaining so low, prices had nowh...Read More

October Newsletter

By: Mark Stern, BA | Keith Myrick

October Newsletter

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October 2021   Dear Friend,   September marked the transition from the slower summer market to the busier fall market in the in the Greater Toronto Area. Every year, we generally see an uptick in sales, average selling price and listings after Labour Day, and September 2021 was no different. September’s 9,046 sales was an increased relative to August and was also  the third mo...Read More

By: Mark Stern

September Newsletter

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September 2021   Dear Friend,   Another strong month of sales as the Toronto Real Estate Board reported the sale of 8,596 homes, at an average price of $1,070,911, up 12.6% over August 2020. The only factor that prevented more sales from taking place was the lack of homes for sale. Only 10,609 homes came on the market in August, 50% less than normal, and of course, without inventory, sal...Read More